Author Question: If total liabilities decreased by 46,000 during a period of time and owner's equity increased by ... (Read 66 times)

Anajune7 · **on:** Jul 6, 2018

If total liabilities decreased by 46,000 during a period of time and owner's equity increased by 60,000 during thesame period, the amount and direction (increase or decrease) of the period's change in total assets is
a. 106,000 increase
b. 14,000 increase
c. 14,000 decrease
d. 106,000 decrease

Question 2

Depreciation expense on assets of the public safety function totaled 195,000 for the year. The conversion worksheet adjustment necessary to record the depreciation expense as part of governmental activities would be
dr cr

a. Depreciation Expense Public Safety 195,000Accumulated Depreciation 195,000
b. Depreciation Expense Public Safety 195,000Capital Outlay Expenditures 195,000
c. Capital Outlay Expenditures 195,000Capital Assets 195,000
d. Capital Outlay Expenditures 195,000
Accumulated Depreciation 195,000
e. None of the above.